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Perceptron Inc. Reports Operating Results (10-Q)

November 15, 2010 | About:
10qk

10qk

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Perceptron Inc. (PRCP) filed Quarterly Report for the period ended 2010-09-30.

Perceptron Inc. has a market cap of $47.19 million; its shares were traded at around $5.25 with and P/S ratio of 0.9. PRCP is in the portfolios of Jim Simons of Renaissance Technologies LLC, John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Chuck Royce of Royce& Associates.

Highlight of Business Operations:

Overview For the first quarter of fiscal 2011, the Company reported a net loss of $352,000, or $0.04 per diluted share, compared to a net loss of $813,000 or $0.09 per diluted share, for the first quarter of fiscal 2010. Specific line item results are described below.

Sales Sales increased 18.5% or $2.0 million to $12.8 million in the first quarter of fiscal 2011 compared to net sales of $10.8 million in the same period one year ago. The following tables show comparative data regarding the Companys net sales by segment and geographic location.

IBU bookings increased $6.0 million primarily as a result of higher Automated Systems products bookings and to a lesser extent, higher Technology Component bookings. CBU bookings decreased $900,000 primarily because the first quarter of fiscal 2010 included bookings from a previous partner and bookings for fiscal year 2011 from CBUs new partners were pending completion of final product testing prior to mass production. The decrease in CBU bookings was also the reason for the decrease in the Americas. IBU bookings in the Americas increased by $500,000 primarily from Technology Component products and to a lesser extent Value Added Services, mitigated by a reduction in Automated Systems product bookings. European IBU bookings increased $3.9 million primarily from Automated Systems products and to a lesser extent Technology Component products. The increase in Asian bookings was primarily for Automated Systems products.

Gross Profit Gross profit was $4.7 million, or 37.0% of sales, in the first quarter of fiscal year 2011, as compared to $3.9 million, or 36.3% of sales, in the first quarter of fiscal year 2010. The improvement occurred principally in IBU and reflected the effect of higher sales in fiscal 2011 that were partially offset by approximately $300,000 due to the lower Euro exchange rate in fiscal 2011 compared to first quarter 2010. The results also reflect lower gross margin on CBU sales during the current quarter.

The Companys cash and cash equivalents were $12.3 million at September 30, 2010, compared to $9.8 million at June 30, 2010. The cash increase of $2.5 million for the quarter ended September 30, 2010 resulted primarily from $2.1 million generated from operations, $306,000 from net sales/maturities of investments and a decrease of $317,000 for capital expenditures.

The $2.1 million of cash generated from operations was primarily related to changes in assets and liabilities of $2.4 million mitigated by the net loss of $352,000 and adjustments for non-cash items of $55,000. The $2.4 million change in assets and liabilities resulted primarily from cash collections of accounts receivable of $3.8 million partially offset by an increase in inventory of $222,000 and a reduction in accounts payable of $935,000. The increase in inventory was due to purchases of long lead time items required to fill anticipated orders. The reduction in accounts payable related to normal fluctuations in the timing of payments.

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